The Malta Business Registry has launched its strategic plan for 2020 – 2025. This Strategic plan was structured around the understanding that the MBR’s role and responsibilities have been broadened as it serves additional business interests besides being Malta’s business registry.
It will take significant restructuring for the MBR to establish itself as a key stakeholder and competent authority within Malta’s financial services sector. With this in mind, it was deemed necessary to review contemporary themes that are impacting the strategies of many organisations, particularly public sector agencies.
Together with the latest developments in strategy formulation, four main trends will help shape a way forward for the MBR: internationalisation, information and communication technology, changing purposes, and knowledge and learning.
“This strategy will take us towards being a modern, fully digital industry, offering fast, efficient services to companies, and crucially, easy access to searchers. Four main trends shaped the way forward for this Strategic Plan, these are: internationalisation, information and communication technology, changing purposes and knowledge and learning,” highlighted Mr. Joseph Farrugia, the Chief Executive Officer of the Malta Business Registry.
Furthermore, Mr. Kenneth Brincat, Chief Operations Officer of the Malta Business Registry claimed that “This strategic plan is about transformation. Transformation in HR and technology to provide the most efficient and effective service. Thus, this strategic plan in a nutshell is outlining the strategies to have a hardworking workforce using the latest technology to provide service of excellence to our clients.”
“In order to lessen unnecessary bureaucratic procedures, the Malta Business Registry will address the demand for an enhanced holistic register by maintaining such Register, complemented with the proposed introduction of a Business Register which will ensure that accurate data is consistently stored and used as a single source for current and future submissions. All economic operators will have the opportunity to update this central register which will contain the necessary identifiers to link the economic operators to various other Government entities – a system which interlinks all services offered by Government to businesses and self-employed” explained Minister Schembri.
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The 5-Year Strategic plan also paves the way for Malta Business Registry to further safeguard the reputation of the Maltese jurisdiction by bolstering good governance and enhancing its due diligence methods, core values which strongly complement the Maltese Government’s economic strategy.
“Hence over the next 5 years MBR will seek to make changes, mostly requiring legislative adaptation, which will deter, and act against, those who persist in misusing the register. The strategic plan is also highlighting the global perspective through the internationalisation of MBR’s purposes by adjourning with international developments” said Minister Schembri.
Minister Schembri commended Malta Business Registry for its major investment in its new online portal, which is based on blockchain technology thus ensuring transparency and efficiency in the services provided as well as MBR’s proactive stance in putting forward suggestions that shape the adoption of new business models in such a manner that Malta anticipates such changes, changes which ultimately lend our jurisdiction a competitive edge in the attraction of new businesses.
“The Malta Business Registry’s successful strides are a result of a dedicated, well-trained workforce that consider this agency as their second home. The agency’s modus operandi in this regard is already serving as a point of reference within the public sector; a model player within the same sector. The fact remains that in an ever-evolving scenario, one must be ahead of the game. As a Government, we grasped upon the opportunities despite these challenging times and sought to navigate through unprecedented storms to ensure that Malta retains its competitive edge” said Minister Schembri.